Is Fitbit Stock Doomed? 1 Analyst Thinks So

Every day, Wall Street analysts upgrade some stocks, downgrade others, and "initiate coverage" on a few more. But do these analysts even know what they're talking about? Today, we're taking one high-profile Wall Street pick and putting it under the microscope...

With Fitbit (NYSE: FIT) stock down only 6% over the past 12 months, you might not think things are going too badly for the fitness tracking gadget company -- but that's just a matter of perspective. Relative to the rest of the S&P 500, which is up 17% over the past year, Fitbit stock has underperformed the market by more than 23 points. And that's just this year. Over the past two years, Fitbit stock has lost more than 85% of its value.

And now, analysts at Stifel Nicolaus are saying Fitbit stock could go down even more.

Source: Fool.com